louisiana land and exploration company
Leagle.com reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions. and its Licensors In the early 1980s, industry economics changed LL&E's fortunes. The user is responsible to verify the limitations of the geospatial data and to use the data accordingly. The company became a public company . Sec. Follow Texaco pays 75 percent and gets 60 percent. We offer full engineering support and work with the best and most updated software programs for design SolidWorks and Mastercam. LL&E reported 1986 losses of $20.6 million. 4, 972.) At Furnel, Inc. we understand that your projects deserve significant time and dedication to meet our highest standard of quality and commitment. At that time, the lodge housed the Louisiana Land and Exploration Companys crew while they constructed a levee around the 3,000 acre property. Finally, respondent's interpretation of section 613A conflicts with normal usage of the term "natural gas" as meaning fuel. The goal of the legislation was to eliminate what was perceived to be an unneeded tax incentive only for the major integrated oil companies. The practice in the oil and gas industry when section 613A was enacted was to sell hydrocarbon gas for use as fuel under long-term fixed price contracts. Section 613A seems also to use the term to mean a fuel, especially as applied in conjunction with Congress' goal of promoting domestic oil and gas production by subsidizing independent producers and royalty owners. counties); the Pelican State; name (after Louis XIV of France) WebDetails for well Sweet Lake Land And Oil Co 001 | API # 17-023-20688 | operated by McMoran Exploration Company in Cameron Parish, LA. And they paid us a $4 million bonus on the lease!". Between 1978 and 1980 LL&E's sales jumped from $549.4 million to $1.075 billion while earnings increased from $94.8 million to $180.2 million, despite $64 million in 1980 windfall profits taxes. Rul. Sulphur is depletable pursuant to section 613(b)(1) and not section 613(b)(7). percent. Headquartered in New Orleans, it operates a crude oil refinery near Mobile, Alabama, and conducts exploration and production operations in the United States and selected foreign countries. Respondent further submits that Congress did not need to define "crude oil" because crude oil and brine water are the only minerals in liquid form extracted from oil and gas wells and are readily distinguishable. Sec. WebLouisiana Land & Exploration Co. PO Box 60350 New Orleans , Louisiana 70160. These geospatial data and related maps or graphics are not legal documents and are not intended to be used as such. Excel Known Addresses for The Louisiana Land & Exploration Co 909 Poydras St New Orleans, LA 70112 Advertisements Source Texas Secretary of State Data last refreshed on Thursday, March 2, 2023 What next? Senator Mansfield agreed that the bill limited the depletion allowance "for the oil and gas industry while it retains it for almost every other mineral-extractive industry, for * * * 108 items which are covered by the depletion allowance." Instead, we find that the value of the gas within the terms of the leases is a disputed factual issue to be determined at the hearing on damages. The primary issue on appeal is whether that value should be determined under Section 105 of the NGPA, as Texaco argues, or under the higher ceiling price reflected in Section 109 of the NGPA, as LL & E claims. The Louisiana Land and Exploration Company LLC operates as a subsidiary of ConocoPhillips. Construction began on a new catalytic reformer that would provide more highly valued refined products. Sec. Saline The state's principal agricultural outputs include seafood gas production (mainly offshore); oil refineries and petrochemical And profit sharing on top of the royalty was unheard of.". Finally in 2018, the camp was yet again renovated turning it into the beautiful lodge it is today. Graham worked hard to keep expenses down. This implication, however, is improper given the historical application of the term "oil and gas well" in the depletion provisions to mean simply "oil and gas." The sour gas streams from the separation system and the oil stabilization system, containing both natural gas and hydrogen sulfide, are combined and further treated in the acid gas removal system. Forbes later criticized the Jacintoport purchase, maintaining that LL&E had gotten into industrial real estate, "just at the time when the play was going out of it along the Gulf Coast.". Rule 91(e), Tax Court Rules of Practice and Procedure. (Cf. At Furnel, Inc. our goal is to find new ways to support our customers with innovative design concepts thus reducing costs and increasing product quality and reliability. See 121 Cong. The natural gas is then transported through natural gas pipelines for use by petitioner or sale to Florida Gas Transmission Co. pursuant to a long-term gas purchase contract dated November 15, 1971. 1763, then to the USA in 1783; W region acquired by the USA in the The following June a wholly owned subsidiary of LL&E, the Sun Fire Coal Company, began to develop an underground mine near Hazard, Kentucky. Sec. chief cities, New Orleans and Shreveport; bounded S by the Gulf of (162m/532ft); vast coastal areas of marsh, lagoon, and Sulphur is mentioned once in the congressional debates as part of a list of 108 mineral extractive industries for which percentage depletion was retained. CBM Engineers, Inc. v. Transcontinental Insurance Co., 460 So.2d 745 (La.App. In 1974 Jacinport reported $2 million in real estate sales. and the applicable percentage (determined in accordance with the table contained in paragraph (5)) shall be deemed to be specified in subsection (b) of section 613 for purposes of subsection (a) of that section. tax rate is 1 percent: a .97 percent Louisiana sales tax The taxpayer may elect to convert part of his oil quantity into a depletable natural gas quantity based on a conversion ratio of 6,000 cubic feet of gas to one barrel of oil. Listed below are the cases that are cited in this Featured Case. Terms of Use, Ultra Petroleum Corporation Business Information, Profile, and History, The Columbia Gas System, Inc. Business Information, Profile, and History, *Estimated as of July 1, 2005U.S. In 1980 he formed CLAM Petroleum, a 50 percent owned unconsolidated affiliate through which LL&E would invest $250 million in the U.K. North Sea's South Brae Field. Rec. Land & Expl. At all relevant times, petitioner sold the sulphur it produced to Freeport Minerals Co. Natural gas is measured and sold by standard cubic feet. an economic revolution in the early 1900s when large deposits of Field / Formation: GOLDEN MEADOW / THE LA LAND & EXPLORATION CO M 001: Well Status: DRY AND PLUGGED: Well Type: Township Range Section: 19S 22E 039: Derrick Elevation: Members Only: Kelly Bushing Elevation: As the largest owner of environmentally sensitive wetlands in the continental United States, LL&E had long been careful to protect its investment. Learn more about the Bureau of Land Management, Public Land Survey System, and oil and gas leases. James 312, 318 (1976)), the evidence in this case does not justify our ignoring the parties' stipulation. Mexico; rivers include the Mississippi (large delta area in the S), Under the agreement, LL&E retained a 25 percent working interest and a 20 percent royalty in Texaco's share of production. French explorers, among whom the following at least should In 1984 Phillips was replaced by E. L. Williamson, who worked to sustain profit margins and increase reserves. (c) EXEMPTION FOR INDEPENDENT PRODUCERS AND ROYALTY OWNERS., (1) IN GENERAL.Except as provided in subsection (d), the allowance for depletion under section 611 shall be computed in accordance with section 613 with respect to. WebLa. It was solely Texaco's choice to meet its obligations to these customers with LL & E's gas. 30292-85, 37799-85, 47753-86. Through the 1930s and 1940s, LL&E collected royalties on oil and minerals extracted from the land it owned and controlled. Decisions will be entered under Rule 155. Since that time, however, the amount of sulphur recovered from hydrogen sulfide has been greater. Milling, Benson, Woodward, Hillyer, Pierson & Miller, Charles D. Marshall, Jr.. 17-089-00532: Well Direction: Operator: HUMBLE OIL AND REFINING CO. Visit DandB.com to locate more business profiles. In exchange for this, Texaco would retain one-half of the royalties and profits payable to LL&E up to the amount of $800,000. 613A(c)(4). notably Shreveport, Baton Rouge, and New Orleans.Isaacs, In a vessel called a contactor, an amine solution such as sulfinal is added to the sour gas. In determining this price, Texaco claims that Section 105 of the NGPA, entitled "Ceiling price for sales under existing intrastate contracts," is applicable. Rec. Supported by the Hunt family, which boasted a 12.3 percent block of LL&E stock, Caspary attacked LL&E's record since the mid-1970s, pointing to declining earnings, reduced dividends, falling reserves, and the copper acquisition. LLEC began attempting to mark that boundary, first with a ditch and later by removing the Liners stakes at the edges of their claimed land. hills; over half the land area forested, supporting a major lumber He added, however, "we are now talking about onepetroleumwhich is the most important of all energy items at this time." 501, 89 Stat. It appears that the absence of the phrase "minerals from" from paragraph (C) was not an oversight. "The 1970's * * * brought about an abrupt redirection in the Nation's energy policy. The gas referred to in these sections is hydrocarbon gas. For the purposes of this subsection, minerals (other than sodium chloride) extracted from brines pumped from a saline perennial lake within the United States shall not be considered minerals from an inexhaustible source. Hydrogen sulfide is a poisonous, highly corrosive gas which cannot be vented into the atmosphere in large quantities without serious deleterious effects. Since then, the area around Paradis has attracted generations of hunting and outdoor enthusiasts alike. A second issue is whether the partial summary judgement was procedurally appropriate in this situation. L. 69-20, sec. Citations are also linked in the body of the Featured Case. We, therefore, hold that pursuant to section 613(b), petitioners are entitled to percentage depletion deductions in the amounts stipulated for sulphur produced from oil and gas wells. E.g., 121 Cong. Crude oil is processed into various types of fuels and oils, including diesel fuel and lubricating oil. Respondent articulated the applicable principles as follows: Although in the physical sense [carbon dioxide] is a gas, it is not the gas referred to in the term "oil and gas wells" in sections 263(c), 611, 613, and 613A of the Code. Lease No. Select a reason Rate this page Send feedback UBS flags buyback possibility after Second-quarter earnings beat Sec. 204(c)(2), 44 Stat. Respondent argues that hydrogen sulfide has no commercial value before it is converted into elemental sulphur and that it is not possible to compute gross income from sulphur at the well-mouth because sulphur has not been produced at that point. We receive lots of emails from people who find their name or a relatives name on our site and want to know if this means they have some right to the land listed under that name. Caspary's charges had some legitimacy. As a result of floor amendments by Senators Kennedy, Hollings, Bentsen, and others, however, the final bill included a provision eliminating percentage depletion for oil and gas wells with certain exceptions primarily for the benefit of small producers and royalty owners. As the company expanded into working interests, it hired geologists, geophysicists, and engineers. Section 613(b) in general provides the list of minerals that are eligible for percentage depletion and specifies the percentage depletion rates. Foreign reserves are located in the U.K. and Dutch sectors of the North Sea, Canada, and Columbia. WebLouisiana Land & Exploration Co/The - Company Profile and News - Bloomberg Markets Bloomberg Anywhere Remote Login Manage Products and Account Information Indices A number of travel relations by 17th and 18th century processing, transportation equipment, paper products, and The term "subject to," in its ordinary sense, means "subordinate to" or "governed or affected by". After winning the proxy fight in 1983, Phillips sold LL&E's coal properties and bought back 71 million shares for $212.8 million. WebThe Louisiana Land and Exploration Company Overview. A number of cities in Louisiana are also home to Jewish communities, We aim to provide a wide range of injection molding services and products ranging from complete molding project management customized to your needs. 7770-7773, 7813 (1975). See Black's Law Dictionary 1278 (5th Ed.1979). Katrina (notably New Orleans) in 2005. pelts, especially muskrat; second only to Texas in oil and natural This type of contract differs from the so-called "dedication" contract, whereby the producer contracts with a customer agreeing to furnish all the gas produced from specified reserves, thus "dedicating" those reserves to the particular customer. By 1970, an oversupply of sulphur seriously depressed prices,4 but the sulphur market recovered and the price of sulphur rose dramatically in the late 1970's and early 1980's.5. Specifically, "natural gas" subject to section 613A is defined to include "any product (other than crude oil) of an oil or gas well" if the product is eligible for depletion. Wisner was struck by swampy southern Louisiana's resemblance to the low-lying Netherlands, where industrious farmers had reclaimed millions of acres for farming. Its industrial outputs include chemical products, In 1975 the company opened a small refinery in Mobile, Alabama, to process 30,000 barrels a day of Jay Field crude. the Civil War, is Charles Gayarr's History of Louisiana fishing, particularly for shrimps and oysters; a major source of For purposes of the preceding sentence, the allowable deductions taken into account with respect to expenses of mining in computing the taxable income from the property shall be decreased by an amount equal to so much of any gain which (1) is treated under section 1245 (relating to gain from disposition of certain depreciable property) as ordinary income, and (2) is properly allocable to the property. Continuing to diversify, in 1968 Graham obtained the rights to participate in the resort development of approximately 50,000 acres on the western half of Molokai Island, Hawaii--an island previously best known for its leper colony. Section 613A(c) provides limited percentage depletion for independent producers and royalty owners based on a depletable oil quantity of 1,000 barrels per day. WebThe Louisiana Land and Exploration Company was presented the 1997 National Association of Conservation Districts (NACD) Business Conservation Leadership Award at a luncheon (b) EXEMPTION FOR CERTAIN DOMESTIC GAS WELLS.. In 1928 LL&E signed a contract with Texas Co. (now Texaco) in which that company agreed to lease all of LL&E's acreage around ten productive salt domes. and 22 percent shall be deemed to be specified in subsection (b) of section 613 for purposes of subsection (a) of that section. and a .03 percent Louisiana Tourism Promotion District sales Rec. The Louisiana Land and Exploration Company LLC revenue is $280.0M annually. Preserve, headquartered in New Orleans, with units in As a result, LL&E enjoyed low expenses and high profits. The nonhydrocarbon gases extracted from the Jay Field wells are primarily hydrogen sulfide and carbon dioxide. Section 613A(b), providing percentage depletion for "regulated natural gas" and "natural gas sold under a fixed contract" also makes sense only if section 613A applies solely to hydrocarbon fuels. The well effluent is initially treated in a separation system which uses gravity to separate the effluent into brine water, sour crude oil, and a sour gas stream containing natural gas, hydrogen sulfide, and carbon dioxide. The goal of the legislation was to continue to provide the tax incentive of percentage depletion to small producers and royalty owners to encourage exploration for and exploitation of domestic oil and gas reserves while eliminating such tax incentives for the major integrated oil companies. This criticism was borne out in December of that year when Lloxy paid $60 million for Gulf leases covering land under 300 feet of water. Nevertheless, the company budgeted $200 million for capital and exploration and continued to drill in the Gulf of Mexico, Madden Field in Wyoming, the gas-rich Anadarko Basin of Western Oklahoma, the North Sea, southeastern Alberta, and Columbia, where it was garnering positive results from a drilling program begun in 1978. France by La Salle, 1682; most of the E region ceded to Spain in Citations are also linked in the body of the Featured Case. Some thought the major integrated oil companies were reaping excessive oil and gas profits at the public's expense, while reinvesting little of their concomitant tax depletion subsidies in domestic energy production. The sulphur is then condensed and stored until sold. WebLouisiana Land & Exploration Co. / API # 33-023-00257 Well Summary Well Name: Germany 34-14 1 API #: 33-023-00257 Operator: Louisiana Land & Exploration Co. County: Divide County, ND Production Dates on File: No Production Data Available Map of Germany 34-14 1 Germany 34-14 1 Well Details Nearby Wells API # 33-023-00448 | Burtman 19-1 17-057-02316: Well Direction: Operator: HUMBLE OIL AND REFINING CO. 47, however, amended section 613 and added a new section 613A8 so that oil and gas no longer qualified for percentage depletion pursuant to section 613. Texaco answered LL & E's petition for damages by denying that its royalty payments were improper, and subsequently filed a motion for partial summary judgment seeking a declaration that its payments were proper at least with respect to the gas it had produced from wells drilled prior to the enactment in 1978 of the Natural Gas Policy Act (NGPA), 15 U.S.C. Louisiana. Respondent argues that the amendments to section 613 were intended to eliminate percentage depletion not only for oil and gas but also for all other minerals produced from oil and gas wells except as provided in section 613A. Commissioner v. Engle, 464 U.S. 206, 218 (1984). We agree with the district court that Section 109 applies. Wednesday, July 9, 1997. This uncontradicted and consistent legislative record, therefore, reveals that Congress was concerned only with oil and gas when it approved section 613A. Therefore, we hold that the district court correctly concluded that Section 109 of the NGPA regulates the ceiling price for the gas in question. Louisiana, List of colleges and universities in We must decide whether section 613A eliminates the section 613 percentage depletion rate on sulphur when hydrogen sulfide is produced from an oil and gas well and subsequently converted into elemental sulphur. The diagram on the facing page summarizes the sour production processing system used at the Jay Field Wells. In addition, natural gas contaminated by hydrogen sulfide cannot be burned or transported through pipelines because its corrosive nature would damage the combustion equipment and the pipelines. Phillips, meanwhile, continued to diversify. The percentage depletion rate for sulphur is 22 percent. descent) and Cajuns (descendants of French Acadians driven from Both are part of the PLSS measurement system but have different uses. 7295. The Drillings accepts no liability for the content of this data, or for the consequences of any actions taken on the basis of the information provided. In 1984, the Supreme Court considered the effect of section 613A on percentage depletion of oil and gas income and concluded that sections 611-613A permit an allowance for percentage depletion on lease bonuses at some point during the productive life of the lease, regardless of when actual production of oil and gas occurred. Petitioners owned a working or operating interest in leases of oil wells in the Jay-Little Escambia Creek Field (Jay Field) in Escambia County, Alabama, and Santa Rosa and Escambia Counties, Florida.
